Landsec Completes Sale Of One New Street Square

Land Securities Group PLC (LAND.L) has exchanged contracts for and completed on the sale of One New Street Square, EC4 to Chinachem Group. The total consideration for the sale amounts to 349.5 million pounds. The sale price crystallises a total return on capital averaging 10% per annum since Landsec's acquisition of the site in June 2005 and subsequent redevelopment in 2016.

Landsec said the disposal proceeds will initially be used to repay debt and, on a pro-forma basis, would reduce its LTV from 31.1% to 28.9% based on September 2022 valuations.

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